With housing prices mounting, Millennials are finding it difficult to leave home

Despite the gloomy outlook half believe things will get better soon.

The study was carried out by First Direct who teamed up with psychologist Dr Oliver Robinson to look at how many people can use a crisis as a spark for change.

Dr Robinson, who focuses on how identity, well-being and mental health are affected by major life transitions, crises and ageing processes during adulthood, said: "There's two sides to a quarter life crisis.

"They're often feared as periods of difficulty and distress, but in my experience they can also be times of openness, curiosity and growth.

"People may find old habits and coping mechanisms no longer help the way they used to, and this can act as a spur to explore new ideas, new activities and new ways of overcoming life's challenges."

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Zoe Burns-Shore, head of culture at First Direct, which commissioned the research via OnePoll.com, said: "We know people today go through major life changes in a way that's so different to previous generations.

"By teaming up with Dr Robinson we want to highlight how people have actually found the quarter life crisis to be a catalyst for positive change.

"And by sharing the theory and experiences we hope we can help people re-frame the way they think about difficult times."